36 C
Delhi
Wednesday, April 14, 2021

Payments Banks allowed to hold Rs 2L balance per customer

- Advertisement -

Digital payment does not have acceptance in smaller townsMumbai, April 7 (IANS) In a major boost to operations of the Payments Banks, the Reserve Bank of India on Wednesday doubled the limit of maximum balance that an individual customer can hold with them.

Accordingly, Payments Banks can now hold a maximum balance of Rs 2 lakh per individual customers at the end of the day.

The Guidelines for Licensing of Payments Banks issued on November 27, 2014 allowed such banks to hold a maximum balance of Rs 1 lakh per individual customer earlier.

RBI in its statement on developmental and regulatory policies said that the changes have been made based on a review of performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants.

READ ALSO:  RBI to restore currency, bond market trading hours from Nov 9

A circular proposing the changes will be issued by RBI separately.

Source: IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

READ ALSO:  India to produce 302 lakh tonnes of sugar in 2020-21: ISMA

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India